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20131028
20131105
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for homeowners living in flood zones-- a program now running a $24 billion deficit. congress passed a law to get rid of that shortfall by raising insurance premiums and eliminating those federal subsidies, but roughly a million homeowners in flood zones coast to coast and hawaii will see their rates skyrocket. in the next five years, may kelleher's annual premium could jump if $850 to more than $9,000. >> i couldn't handle that. >> reporter: impossible? >> impossible, yes. >> that could have been avoided. >> reporter: congresswoman maxine waters cosponsored the bill but now says she never expected her own legislation could have such a devastating impact. >> we did have unintended consequences. some of the premiums that are being talked about we think are outrageous and we're going to go through this program piece by piece and fix it. >> reporter: waters blames fema- - the federal emergency management agency-- for bungling the estimates of impact on people like kelleher. fema turned down our request for an interview. what's the question of fema? >> i don't have a lot of questions for fema, i have
billion deficit. congress passed lot to get rid of that shortfall by raising insurance premiums and eliminating those subsidies. roughly 1 million homeowners in flood zones will see their rates skyrocket. in the next years, mae's premium could jump to more than $9,000. >> i couldn't handle that. >> reporter: impossible? >> impossible, yes. that could have been avoided. >> reporter: congresswoman maximum seen watters co-sponsored the bill. >> we did have devastating impacts. some that we talked about are outrageous, we're going to go through the program piece by piece and fix it. >> reporter: watters blames fema for bungling the impacts on people like mae. what's the question for fema. >> i don't have a lot of questions for fema. i have directions for fema. >> reporter: watters said it will order fema while it fills the budget gap. that's good news for mae callahar who can't afford the premiums. >> i'll probably just -- >> reporter: and what, just pray? >> yes. here on mae's street new jersey and in flood-prone neighborhoods around the country, they'll be watching very carefully.
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Search Results 0 to 2 of about 3